Cryptocurrency News: Transactions of cryptocurrencies can be jailed, arrest without warrant, advertising will also be banned
Cryptocurrency News: Speculation is rife that the government will come up with a tough law regarding cryptocurrencies in the winter session of Parliament. Under this, transactions in cryptocurrencies can be sent to jail without warrant arrest under non-bailable sections. Apart from this, there will also be a provision of a fine of up to Rs 20 crore.
The official associated with the cryptocurrency matter said that according to the bill to be introduced in the Parliament, the buying, selling, depositing or holding of cryptocurrencies will be done only through the exchange. Violation of any of these rules can lead to arrest without a warrant, which will be non-bailable.
The bill can also ban wallets holding cryptocurrencies and will be allowed to do this work only through exchanges. According to an estimate, about two crore Indians have invested 45 thousand crore rupees in cryptocurrencies.
Markets regulator SEBI will be entrusted with the oversight of cryptocurrency exchanges. Once it is classified as an asset, the only investment will be allowed and SEBI will monitor it like a capital market. The cryptocurrency based in the country continues to grow and the government is all set to protect investors from its risks. According to Chainalysis’s report released in October, the crypto market in India has grown by 640 percent by June 2021.
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